Plan sponsors turn to consultants mainly for evaluation of target-date funds and plan costs, and simplification of the investment menu. The singular focus on fees may be waning.

Consultants say white label and custom target-date fund strategies are critical to constructing potentially superior portfolios. Consultants also report strong support for active management in both U.S. and non-U.S. bond strategies and emerging market equities.

From a business perspective, consultants face a high degree of overlap in the services they provide, making differentiation critical to success. The fastest-growing requests include cost and fee analyses, record keeping searches and manager selection services.

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